External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters.</li><li>The company reported revenue/EBITDA/PAT growth of 17%/31%/35% YoY in 3QFY25.</li><li>Domestic order inflows declined by 16% YoY, as the conversion from inquiry generation to order finalization is yet to pan out.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters.The company reported revenue/EBITDA/PAT growth of 17%/31%/35% YoY in 3QFY25.Domestic order inflows declined by 16% YoY, as the conversion from inquiry generation to order finalization is yet to pan out.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Triveni Turbine - Future-Proofing Its Growth Prospects

<ul><li>Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front.</li><li>The company reported a revenue/EBITDA/PAT growth of 29%/50%/41% YoY in 2QFY25.</li><li>Domestic order inflows grew 4% YoY, as inquiry generation in the preceding two quarters was impacted by elections.</li><li>Export ordering growth continued to be robust at 50% YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front.The company reported a revenue/EBITDA/PAT growth of 29%/50%/41% YoY in 2QFY25.Domestic order inflows grew 4% YoY, as inquiry generation in the preceding two quarters was impacted by elections.Export ordering growth continued to be robust at 50% YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Triveni Turbine - Export Growth Continues to Impress

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/triveni-turbine-ltd" target="_blank" data-smartkarma-citation="entities:18786:1" rel="noopener">Triveni Turbine (TRIV IN)</a>  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. </li>
<li>The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. </li>
<li>The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.</li>
</ul>



Triveni Turbine (TRIV IN)  is one of the leading players in manufacturing of steam turbines, which in turn has uses across various energy intensive industries. 
The company has recovered well from covid, has a robust order book in conjuction with healthy financial position. Balance sheet is debt-free, high cash and lean WC cycle. 
The only possible risk that comes to the balance sheet would be of potential statutory disputes. The contingent liabilities remain under-stated.


External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Domestic market update: In FY22, the domestic market under 30MW is estimated to have grown by 71% YoY in MW terms.</li></ul><div><div><div><div><ul><li>Exports update: The international market under 30MW is estimated to have declined by 24% YoY in FY22 in MW terms.</li></ul><div><div><div><div><ul><li>mpact of Russia-Ukraine conflict: TTL has reduced orderbook by Rs400mn due to the Russia-Ukraine conflict as it took out certain orders from steel mills in Ukraine due to lack of visibility.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Domestic market update: In FY22, the domestic market under 30MW is estimated to have grown by 71% YoY in MW terms.Exports update: The international market under 30MW is estimated to have declined by 24% YoY in FY22 in MW terms.mpact of Russia-Ukraine conflict: TTL has reduced orderbook by Rs400mn due to the Russia-Ukraine conflict as it took out certain orders from steel mills in Ukraine due to lack of visibility.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY21 revenue grew by 16% YoY supported by 68% YoY increase in domestic business while export business declined by 17% YoY.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to 100 MW, and delivers robust, reliable and efficient endto-end solutions. Q4FY21 revenue grew by 16% YoY supported by 68% YoY increase in domestic business while export business declined by 17% YoY.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Triveni Turbine Limited designs, manufactures, and supplies industrial steam turbines up to 100 MW for various applications, including industrial power generation and renewable energy. The company also provides comprehensive aftermarket services, including parts, maintenance, and refurbishment for steam turbines. Headquartered in Noida, Uttar Pradesh, India, the company was founded on June 27, 1995.

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Triveni Turbine (TRIV IN)

Triveni Turbine - Future-Proofing Its Growth Prospects

Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters.The company reported revenue/EBITDA/PAT growth of 17%...

Motilal Oswal

Triveni Turbine - Export Growth Continues to Impress

Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front.The company reported a revenue/EBITDA...

Motilal Oswal

Triveni Turbine Ltd- Forensic Analysis

Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...

Nitin Mangal

4QFY22 Result Update - Triveni Turbine

Triveni Turbine (TTL) reported consolidated revenue of Rs2.37bn in 4QFY22, up 32.5% YoY. Topline was 15.7%/5.2% below our/consensus estimate.

Nirmal Bang

Triveni Turbine: Q4FY21 Results Update

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to...

Geojit

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Triveni Turbine - Future-Proofing Its Growth Prospects

Triveni Turbine (TRIV)’s 3QFY25 results came in line with our expectations on all parameters.The company reported revenue/EBITDA/PAT growth of 17%...

Motilal Oswal

Triveni Turbine - Export Growth Continues to Impress

Triveni Turbine (TRIV)’s 2QFY25 results exceeded our expectations on both the revenue and profitability front.The company reported a revenue/EBITDA...

Motilal Oswal

Triveni Turbine Ltd- Forensic Analysis

​Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...

Nitin Mangal

4QFY22 Result Update - Triveni Turbine

Triveni Turbine (TTL) reported consolidated revenue of Rs2.37bn in 4QFY22, up 32.5% YoY. Topline was 15.7%/5.2% below our/consensus estimate.

Nirmal Bang

Triveni Turbine: Q4FY21 Results Update

Triveni Turbine Ltd (TTL) is the domestic market leader in steam turbines up to 30 MW. The Company designs and manufactures steam turbines up to...

Geojit

Triveni Turbine is a leading manufacturer of steam turbines with a healthy financial position, and a debt-free balance sheet. The only potential...